Solana News Today: Binance Unveils $5M Reward to Hunt Crypto Listing Scammers

Binance Warns Against Listing Agent Fraud

Binance has issued a public warning against fraudulent activities related to "Listing Agents," with its co-CEO He Yi announcing the collection of network-wide evidence of misconduct according to reports. The exchange emphasized that it does not charge listing fees and advised investors to avoid relying on third-party agents for listing requests according to data. Binance also unveiled a $5 million reward program for information aiding in the identification of fraudulent schemes, aiming to strengthen market integrity according to Binance.

Among those included in Binance's partial blacklist of "Listing Agents" are entities such as BitABC and individuals like Suki Yang, a former Pantera Capital team member according to lookonchain. The firm May/Dannie has been linked to Web3Port, previously flagged by Binance for improper market-making activities according to analysis. Additionally, figures like Andrew Lee and Fiona Lee are suspected of involvement in project advisory or listing coordination roles according to investigation.

Binance highlighted that its listing process is transparent and does not involve third-party intermediaries according to official statements. The exchange urged investors to be cautious of any agent claiming to facilitate crypto listings, as such claims may lead to scams according to security advisories. The reward program is part of a broader effort to deter misconduct and ensure fair practices according to Binance.

Emerging Risks and Fraudulent Schemes

The blacklist includes several entities and individuals with ties to the crypto industry. BitABC is a firm offering advisory and project acceleration services, including liquidity incentives and community building according to reports. May Liu and her team are known for building a "Binance Brokerage Pipeline," linking entities such as Spark Digital Capital, Web3Port, and Whisper according to analysis. Spark Digital Capital operates under the guise of a VC but is alleged to engage in market outsourcing and financial advisory services according to investigations.

Suki Yang, a former Pantera Capital team member, has worked with multiple crypto platforms and founded Lmao.fun, a Solana-based meme launcher according to industry reports. Andrew Lee is associated with blockchain projects like Handshake and Purse.io, potentially engaging in project promotion or intermediation according to analysis. Fiona Lee and Kenny Z are suspected of providing advisory services or coordinating listings according to investigation.

Broader Industry Trends and Reactions

Regulators are expected to intensify security and compliance standards for digital asset listings, with a focus on verifiable disclosures and robust due diligence according to industry analysis. The industry is also seeing increased scrutiny of fraudulent practices in listing arrangements, with exchanges like Toobit emphasizing regulatory compliance and security according to market reports. Toobit's proactive approach includes securing a VASP registration in Poland and undergoing extensive security audits according to company announcements.

Other developments in the crypto space include B2BINPAY's launch of an expanded White Label Solution for banks and payment providers, enabling faster deployment of crypto payments according to press release. The platform aims to help financial institutions meet rising client demand for digital asset services without the need for in-house development according to company statement.

Regulatory and Legal Developments

Legal scrutiny is also intensifying in the broader fintech sector. Hagens Berman has filed lawsuits against companies like Stride and Inspire Medical Systems over alleged fraudulent practices according to legal filings. These cases involve claims of inflated metrics and concealed operational failures that led to significant investor losses according to legal documents. The law firm is seeking to recover damages for investors who purchased shares during specified periods according to court filings.

Meanwhile, Project Eleven is working with the Solana Foundation to enhance the network's post-quantum security, addressing emerging threats from quantum computing according to press release. The initiative includes deploying a functioning post-quantum signature system on a Solana testnet, demonstrating the feasibility of quantum-resistant transactions according to technical documentation.

Market Dynamics and Future Outlook

Despite regulatory and legal challenges, certain sectors of the crypto market show resilience. Solana's DeFi lending activity has surged by 33%, reaching $4.8 billion in late 2025 according to financial data. The chain's total DeFi TVL reached $8.8 billion, with lending being a major contributor according to market analysis. Analysts suggest that sustained growth will depend on stable asset prices, stablecoin inflows, and the development of new financial products according to industry experts.

Meanwhile, SushiSwap announced a strategic investment from Synthesis and a leadership transition, with Alex McCurry joining as CEO according to company announcement. The investment aims to accelerate Sushi's growth and expand its role in the DeFi ecosystem according to press release. The protocol has already generated significant revenue and is focusing on deepening liquidity and supporting ecosystem partners according to financial reports.